AxoGen (NASDAQ:AXGN) Sets New 52-Week High Following Analyst Upgrade

AxoGen, Inc. (NASDAQ:AXGN) hit a new 52-week high on Monday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock traded as high as $34.82 and last traded at $34.6550, with a volume of 486824 shares changing hands. The stock had previously closed at $32.83.

A number of other brokerages have also recently commented on AXGN. JMP Securities set a $34.00 price target on AxoGen in a research report on Thursday, October 30th. HC Wainwright increased their price objective on shares of AxoGen from $26.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. Citigroup reissued a “market outperform” rating on shares of AxoGen in a report on Thursday, October 30th. Lake Street Capital boosted their target price on shares of AxoGen from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Finally, Jefferies Financial Group upped their price target on shares of AxoGen from $29.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, December 4th. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.56.

Insider Transactions at AxoGen

In other news, EVP Marc A. Began sold 9,278 shares of the company’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $31.21, for a total transaction of $289,566.38. Following the completion of the transaction, the executive vice president directly owned 31,507 shares in the company, valued at approximately $983,333.47. This represents a 22.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Mcbride Wendell sold 43,684 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $29.31, for a total value of $1,280,378.04. Following the sale, the director directly owned 93,826 shares in the company, valued at approximately $2,750,040.06. This trade represents a 31.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 399,759 shares of company stock valued at $11,371,779. Corporate insiders own 2.78% of the company’s stock.

Institutional Trading of AxoGen

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Future Financial Wealth Managment LLC bought a new position in AxoGen in the 3rd quarter valued at approximately $27,000. Aquatic Capital Management LLC grew its holdings in AxoGen by 287.8% during the 3rd quarter. Aquatic Capital Management LLC now owns 1,710 shares of the medical equipment provider’s stock worth $31,000 after acquiring an additional 1,269 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in AxoGen in the 3rd quarter valued at approximately $43,000. FNY Investment Advisers LLC acquired a new position in AxoGen in the 3rd quarter valued at approximately $64,000. Finally, AdvisorNet Financial Inc raised its stake in shares of AxoGen by 500.0% during the third quarter. AdvisorNet Financial Inc now owns 4,800 shares of the medical equipment provider’s stock valued at $86,000 after acquiring an additional 4,000 shares during the last quarter. 80.29% of the stock is currently owned by institutional investors.

AxoGen Trading Up 5.8%

The company has a market cap of $1.60 billion, a price-to-earnings ratio of -694.40 and a beta of 1.00. The business’s fifty day moving average price is $30.80 and its 200 day moving average price is $21.67. The company has a debt-to-equity ratio of 0.54, a current ratio of 4.09 and a quick ratio of 2.64.

AxoGen (NASDAQ:AXGN) last posted its quarterly earnings data on Wednesday, October 29th. The medical equipment provider reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. The business had revenue of $60.08 million during the quarter, compared to the consensus estimate of $56.90 million. AxoGen had a negative return on equity of 1.90% and a negative net margin of 0.98%. Research analysts anticipate that AxoGen, Inc. will post -0.29 earnings per share for the current fiscal year.

About AxoGen

AxoGen, Inc is a Florida-based medical technology company that develops and commercializes surgical solutions for peripheral nerve damage. Founded in 2002 and headquartered in Alachua, Florida, the company focuses on restoring nerve function and improving patient outcomes through innovative biologic and engineered products. AxoGen’s offerings address a range of traumatic and iatrogenic injuries, offering alternatives to traditional nerve autografts.

The company’s core product portfolio includes the Avance® Nerve Graft, a decellularized human nerve allograft designed to bridge nerve gaps without the need for a secondary harvest site, and the Axoguard® Nerve Connector and Protector devices, which facilitate nerve coaptation and protect repaired sites from surrounding scar tissue.